{"id":868933,"date":"2025-11-08T13:14:01","date_gmt":"2025-11-08T07:44:01","guid":{"rendered":"https:\/\/leverageedu.com\/discover\/?p=868933"},"modified":"2025-11-08T13:14:05","modified_gmt":"2025-11-08T07:44:05","slug":"ncert-notes-class-11-business-studies-chapter-1-business-trade-and-commerce","status":"publish","type":"post","link":"https:\/\/leverageedu.com\/discover\/school-education\/ncert-notes-class-11-business-studies-chapter-1-business-trade-and-commerce\/","title":{"rendered":"NCERT Notes Class 11 Business Studies Chapter 1: Business, Trade and Commerce (Free PDF)"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">This chapter introduces the concept of business as an economic activity involving production, sale of goods and services to satisfy human needs with a profit motive. It explains the role of business in economic development, classification into industry and commerce, objectives, risks, and factors for starting a business. These notes summarise key concepts from Chapter 1 of the NCERT textbook Business Studies for effective revision. You can also download the free PDF for quick reference.<\/p>\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Explore Notes of Class 11: Business Studies<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#f9ebc4\"><tbody><tr><td><strong>Chapter 2<\/strong><\/td><td><strong>Chapter 3<\/strong><\/td><td><strong>Chapter 4<\/strong><\/td><td><strong>Chapter 5<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#fed7bc\"><tbody><tr><td><a href=\"https:\/\/drive.google.com\/file\/d\/1K3X_RPpkp-0NEWMXXIrSTeG3jpJiLnah\/view?usp=sharing\"><strong>Download Free PDF of NCERT Notes Class 11 Business Studies Chapter 1: Business, Trade and Commerce<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-introduction-nbsp-nbsp\">Introduction&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Human beings require goods and services to satisfy needs, obtained from markets where sellers offer varieties. Business supplies these through production, manufacturing, distribution and exchange. It is a major economic activity central to daily lives, including industry and commerce.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>People require different products and services; they buy from physical or electronic markets.\u00a0\u00a0<\/li>\n\n\n\n<li>Products made available by people engaged in economic activities: production, manufacturing, distribution, exchange.\u00a0\u00a0<\/li>\n\n\n\n<li>Business is concerned with the production and sale of goods and services required by people.\u00a0\u00a0<\/li>\n\n\n\n<li>Influenced by institutions like schools, hospitals, businesses has a major influence on daily lives.\u00a0\u00a0<\/li>\n\n\n\n<li>Business starts with production, ends with consumption; it involves a series of steps.\u00a0\u00a0<\/li>\n\n\n\n<li>Production of goods under Industry; remaining activities under Commerce.\u00a0\u00a0<\/li>\n\n\n\n<li>Business is a wider term including Industry, trade and commerce.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-role-of-business-in-the-development-of-the-economy-nbsp-nbsp\">Role of Business in the Development of the Economy&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Business, including trade and commerce, played a vital role since ancient times in India&#8217;s prosperity through internal and foreign trade via land and water routes. Generated surplus, supported various economic activities, banking, led to trade centres, favourable balance of trade.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Trading activities mainstay in ancient times; carried by water and land routes, the Silk Route, and maritime trade were prominent.\u00a0\u00a0<\/li>\n\n\n\n<li>Goods traded internally and to foreign lands; generated surplus income.\u00a0\u00a0<\/li>\n\n\n\n<li>People engaged in agriculture, animal domestication, weaving, dyeing, pottery, handicrafts, sculpting, cottage industries, and masonry.\u00a0\u00a0<\/li>\n\n\n\n<li>Family-based workshops (karkhanas) are important.\u00a0\u00a0<\/li>\n\n\n\n<li>Money channelised into investment; growth of indigenous banking: Hundi, Chitties.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Hundi<\/strong>: document to facilitate money transfer; warrant unconditional payment; capable of transfer by negotiation; written in vernacular; safe due to travel risks.\u00a0\u00a0<\/li>\n\n\n\n<li>Credit transactions, loans, and enhanced operations.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Favourable balance of trade<\/strong>: exports &gt; imports.\u00a0\u00a0<\/li>\n\n\n\n<li>Indigenous banking provided capital to manufacturers, traders, and merchants.\u00a0\u00a0<\/li>\n\n\n\n<li>Commercial and industrial banks evolved for trade\/commerce; agricultural banks for farmers.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Trade centres:<\/strong> Patliputra, Peshawar, Taxila, Indraprastha, Mithila, Maduram, Surat, Ujjain, Kanchi.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Exports<\/strong>: Spices, wheat, sugar, indigo, opium, sesame oil, cotton, parrot, live animals, animal products.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Imports<\/strong>: Horses, animal products, Chinese silks, linen, wine, gold, silver, copper.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Towns<\/strong>: port, manufacturing, mercantile, sacred, pilgrimage; index of prosperity of merchants, professionals.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Aids to trade<\/strong>: transportation, banking, finance, communication.\u00a0\u00a0<\/li>\n\n\n\n<li>India is called \u2018Swaran Bhoomi and Swaran Deep\u2019 by travellers: Megasthenes, Faxian, Xuanzang, Al Beruni, Ibn Batuta, Francois.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>1st-7th centuries CE:<\/strong> India largest economy, 1\/3 to 1\/4 world\u2019s wealth.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>British era<\/strong>: The East India Company used revenues to buy Indian goods; India became an exporter of raw materials, an importer of manufactured goods.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Post-independence:<\/strong> Planned development for a self-reliant socialist society; centralised planning, public investment in key industries, modern industries, tech institutes, space, and nuclear.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Issues<\/strong>: lack of capital formation, population rise, weak finance, inadequate infrastructure, high defence expenditure, fiscal deficits, and balance of payments deficits.\u00a0\u00a0<\/li>\n\n\n\n<li>Major reforms in fiscal, monetary, trade, industry, agriculture, infrastructure, foreign exchange, and investment.\u00a0\u00a0<\/li>\n\n\n\n<li>Faster-growing economy, preferred FDI; rising incomes, savings, investment, consumption, young population.\u00a0\u00a0<\/li>\n\n\n\n<li>High growth sectors; initiatives: Make in India, Skill India, Digital India for exports\/imports.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-concept-of-business-nbsp-nbsp\">Concept of Business&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Business derived from \u2018busy\u2019; means regular engagement in the purchase, production, and sale of goods\/services for profit. Economic activity to earn a livelihood differs from non-economic activity done out of love, sympathy.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Business:<\/strong> An occupation people regularly engage in activities related to the purchase, production and\/or sale of goods\/services to earn profits. It is an economic activity involving the production and sale of goods\/services with a profit motive to satisfy human needs in society.<\/li>\n\n\n\n<li><strong>Activities to satisfy needs:<\/strong> economic (earn a livelihood) and non-economic (love, sympathy, sentiment, patriotism).\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Examples economic:<\/strong> a worker in a factory, a doctor in a clinic, a manager in an office, a teacher in school.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Examples non-economic<\/strong>: a housewife cooking for her family, a boy helping an old man cross the road.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Economic activities<\/strong>: business, profession, employment.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-characteristics-of-business-activities-nbsp-nbsp\">Characteristics of Business Activities&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Business is economic activity for money; it involves production\/procurement, regular sale\/exchange for value, profit motive, uncertainty of return, and an element of risk. Differs from other activities in these distinguishing features.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(i) <strong>Economic activity<\/strong> is for earning money\/livelihood, not love\/affection; small (shopkeeper) or large (company).&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(ii) Production\/procurement of goods\/services<\/strong>: These are the manufacture or acquisition from producers; goods: consumable (sugar, pen) or capital (machinery); services: transportation, banking, electricity.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iii) Sale\/exchange for value<\/strong>: They transfer goods\/services; not for personal consumption (cooking at home, not business; in a restaurant is).&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iv) Regular dealings<\/strong>: These are not a single transaction (selling a radio set once, not a business; regularly is).&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(v) Profit earning<\/strong>: Profit earning is the main purpose; survive long-term; maximise by increasing sales\/reducing costs.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(vi) Uncertainty of return<\/strong>: They are due to the lack of knowledge of the profit amount, the possibility of losses despite efforts.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(vii) Element of risk<\/strong>: It means the uncertainty of loss from unfavourable events; factors: consumer taste, production method, strike, competition, fire, theft, accidents, calamities; cannot be eliminated.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-comparison-of-business-profession-and-employment-nbsp-nbsp\">Comparison of Business, Profession and Employment&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Economic activities are divided into business (profit motive, regular production\/sale), profession (specialised knowledge, fees), and employment (work for wages\/salary). Differences based on mode, qualification, reward, risk, capital, and transfer.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u00a0<strong>Business:<\/strong> production\/sale for profit; no minimum qualification; reward profit; risk present; capital investment needed; not transferable.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Profession<\/strong>: Profession is the personalised service with expertise, qualification\/training; fee; no\/low risk, limited capital, personal, not transferable.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Employment:<\/strong> Employment is the fixed work for an employer; qualification per job; salary\/wages; no risk; no capital; not transferable.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-classification-of-business-activities-nbsp-nbsp\">Classification of Business Activities&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Business activities are classified into industry (production\/processing goods) and commerce (facilitating exchange). Industry: primary, secondary, tertiary. Commerce: trade and auxiliaries (transport, banking, insurance, warehousing, communication, packaging, advertising).<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Two categories<\/strong>: industry and commerce.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Industry<\/strong>: It involves the production\/processing of goods\/materials; mechanical appliances, technical skills; breeding animals; groups of firms (cotton textile industry).\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Commerce:<\/strong> Commerce activities are for the exchange of goods\/services; the link between producers\/consumers.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-industry-nbsp-nbsp\">Industry&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Industry: economic activities converting resources into useful goods; it involves mechanical appliances, technical skills, producing\/processing goods, and breeding animals. Classified primary (extraction, genetic), secondary (manufacturing, construction), tertiary (support services to industry\/trade).<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Connected with the conversion of resources into useful goods.\u00a0\u00a0<\/li>\n\n\n\n<li>Includes producing\/processing goods, breeding\/raising animals.\u00a0\u00a0<\/li>\n\n\n\n<li>Groups: e.g., cotton textile industry, all units producing cotton textiles.\u00a0\u00a0<\/li>\n\n\n\n<li>Services like banking and insurance are called the industry (banking industry).\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(i) Primary:<\/strong> Primary activities are the extraction\/production of natural resources, the reproduction of living organisms.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;<strong>(a) Extractive:<\/strong> It draws from natural sources; basic raw materials, e.g., farming, mining, lumbering, hunting, and fishing.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;<strong>(b) Genetic:<\/strong> These are the breeding plants\/animals for reproduction; e.g., seeds\/nursery, cattle breeding, poultry, fish hatchery.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(ii) Secondary:<\/strong> Secondary activities use materials from primary; process for consumption\/further processing.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;<strong>(a) Manufacturing:<\/strong> It is the process of raw materials being transformed into finished products.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;&nbsp;&nbsp;\u2022 <strong>Analytical:<\/strong> separates elements (oil refinery).&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;&nbsp;&nbsp;\u2022 <strong>Synthetical<\/strong>: combines ingredients (cement).&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;&nbsp;&nbsp;\u2022 <strong>Processing<\/strong>: successive stages (sugar, paper).&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;&nbsp;&nbsp;\u2022 <strong>Assembling<\/strong>: component parts into a product (television, car, computer).&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;<strong>(b) Construction<\/strong>: buildings, dams, bridges, roads, tunnels, canals; engineering, architectural skills.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iii) Tertiary:<\/strong> Tertiary activities support primary\/secondary, trade, service facilities; part of commerce; e.g., transport, banking, insurance, warehousing, communication, packaging, advertising.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-commerce-nbsp-nbsp\">Commerce&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Commerce means the trade (buying\/selling) and auxiliaries (transport, banking, insurance, communication, advertisement, packaging, warehousing). Removes hindrances of persons, place, time, risk, finance, and information in the exchange process; maintains the flow of goods\/services.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Two types<\/strong>: (i) trade, (ii) auxiliaries to trade.\u00a0\u00a0<\/li>\n\n\n\n<li>Trade is the buying\/selling of goods.\u00a0\u00a0<\/li>\n\n\n\n<li>Auxiliary facilitates purchase\/sale; services.\u00a0\u00a0<\/li>\n\n\n\n<li>It includes trade + auxiliaries (transport, banking, etc.).\u00a0\u00a0<\/li>\n\n\n\n<li>Link between producers\/consumers.\u00a0\u00a0<\/li>\n\n\n\n<li>Removes hindrances in exchange:\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(i) Persons<\/strong>: trade makes goods available from producers to consumers.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(ii) Place:<\/strong> transport moves goods from production to markets.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iii) Time<\/strong>: storage\/warehousing holds stocks.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iv) Risk<\/strong>: insurance protects against theft, fire, and accidents.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(v) Finance:<\/strong> banking\/financing provides capital.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(vi) Information<\/strong>: advertising informs about goods\/services.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background wp-block-paragraph\"><strong>Also Read: <\/strong><a href=\"https:\/\/leverageedu.com\/discover\/school-education\/ncert-notes-class-11-english-hornbill-chapter-4-poem-childhood\/\"><strong>NCERT Notes Class 11 English Hornbill Poem 4: Childhood (Free PDF)<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-trade-and-auxiliaries-to-trade-nbsp-nbsp\">Trade and Auxiliaries to Trade&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Trade is the sale or transfer\/exchange of goods (physical\/virtual), making goods available to consumers. Auxiliaries: services facilitating industry\/trade; remove hindrances; include transport\/communication, banking\/finance, insurance, warehousing, advertising\/PR. Essential for large-scale production\/distribution.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Trade<\/strong>: It is an essential part of commerce; it makes produced goods available to consumers\/users.\u00a0\u00a0<\/li>\n\n\n\n<li>Large-scale production; producers cannot reach individual buyers; traders bridge.\u00a0\u00a0<\/li>\n\n\n\n<li>Auxiliaries assist trade, services, and support industry, too.\u00a0\u00a0<\/li>\n\n\n\n<li>Remove hindrances in production\/distribution.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(i) Transport and Communication: <\/strong>It moves goods (road, rail, shipping); raw materials to production, finished goods to consumption; communication (postal, telephone) for information exchange. E.g., tea Assam, cotton Gujarat\/Maharashtra, jute West Bengal\/Odisha, sugar U.P.\/Bihar\/Maharashtra.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(ii) Banking and Finance: <\/strong>It funds assets, raw materials, expenses, overdraft, cash credit, loans, advances; collects cheques, remits funds, discounts bills; helps exporters, raise capital.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iii) Insurance<\/strong>: It protects against risks (fire, theft); goods in stock\/transit; employees&#8217; accidents; pays premiums, recovers loss\/damage\/injury.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iv) Warehousing<\/strong>: It has storage to hold goods till needed; prevents loss\/damage; maintains prices via continuous supply.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(v) Advertising and Public Relations:<\/strong> It promotes sales; informs features, price; persuades utility, quality; paid (advertising in media); unpaid (PR via press release, social media); builds relationships.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-objectives-of-business-nbsp-nbsp\">Objectives of Business&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Objectives of Business include what a business aims to achieve; they include profit (income, finance, efficiency, approval, reputation), but also multiple aspects like market standing, innovation, productivity, resources, and social responsibility. Balance needed for survival, prosperity; excessive profit focus is dangerous.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Starting point of business; direct activities.\u00a0\u00a0<\/li>\n\n\n\n<li>Primarily, profit is the excess revenue over cost; produce\/distribute for profit.\u00a0\u00a0<\/li>\n\n\n\n<li>Increasingly, social responsibility is for long-run survival.\u00a0\u00a0<\/li>\n\n\n\n<li>Profit essential:\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;(i) Income for persons.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;(ii) Finance for expansion.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;(iii) Indicates efficiency.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;(iv) Society\u2019s approval of utility.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;(v) Builds reputation.&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Too much profit neglects responsibilities to customers, employees, investors, society; may exploit, lead to opposition, and loss of business.\u00a0\u00a0<\/li>\n\n\n\n<li>Multiple objectives are needed in areas for excellence, performance analysis.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-multiple-objectives-of-business-nbsp-nbsp\">Multiple Objectives of Business&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Business requires multiple objectives: market standing (competitive products, satisfaction), innovation (products\/services, skills), productivity (output\/input efficiency), physical\/financial resources (acquire\/use efficiently), earning profits (on capital), and social responsibility (solve social problems).<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Needed in areas influencing survival\/prosperity.\u00a0\u00a0<\/li>\n\n\n\n<li>Balance needs\/goals; cannot follow one.\u00a0\u00a0<\/li>\n\n\n\n<li>Specific in every area\/sphere.\u00a0\u00a0<\/li>\n\n\n\n<li>Enable performance analysis, improvement.\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(i) Market standing<\/strong>: Market standing is the stronger footing vs competitors; competitive products, reasonable prices, and customer satisfaction.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(ii) Innovation<\/strong>: It means new ideas\/methods; product\/services or skills\/activities; no flourish without; competitive edge.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iii) Productivity:<\/strong> It is the value output vs inputs; measures efficiency; best use of resources for survival\/progress.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iv) Physical and financial resources:<\/strong> These are the plants, machines, offices; funds; acquire per requirements, use efficiently.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(v) Social responsibility<\/strong>: It contributes to solving social problems; work is socially desirable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-business-risk-nbsp-nbsp\">Business Risk&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Business risk is the possibility of inadequate profits\/losses due to uncertainties (demand decline, price rise). Types: speculative (gain\/loss), pure (loss\/no loss). Nature: essential, from uncertainties, varies by nature\/size, and rewards profit.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Inadequate profits\/losses from uncertainties\/unexpected events.\u00a0\u00a0<\/li>\n\n\n\n<li>E.g., demand decline (taste change, competition) \u2192 low sales\/profits; raw material shortage \u2192 high price\/cost \u2192 reduced profits.\u00a0\u00a0<\/li>\n\n\n\n<li>Types:\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;<strong>Speculative<\/strong>: gain or loss; market conditions (demand\/supply, prices, fashion).&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;<strong>Pure<\/strong>: loss or no loss; fire, theft, strike.&nbsp;&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Nature:\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;(i) Essential part; varies, minimised, not eliminated.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;(ii) Due to uncertainties: future unknown (calamities, demand\/prices, policy, technology).&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;(iii) Degree depends on nature (fashionable high), size (large higher).&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;&nbsp;(iv) Profit reward for risk-taking; no risk, no gain; higher risk, higher profit chance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-causes-of-business-risks-nbsp-nbsp\">Causes of Business Risks&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Risks from natural (calamities), human (dishonesty, negligence, strikes), economic (demand, competition, price, technology, finance), and other (political, mechanical, exchange rates). Lead to unexpected costs\/losses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(i) Natural<\/strong>: It has little control; floods, earthquakes, lightning, rains, and famine affect property\/income.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(ii) Human<\/strong>: They are unexpected; dishonesty, carelessness, negligence, employees; power failure, strikes, riots, inefficiency.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iii) Economic<\/strong>: It includes demand, competition, price, dues collection, technology\/method change, interest rise, taxes, and higher costs.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>(iv) Other:<\/strong> They are the unforeseen political disturbances, mechanical failures (boiler burst), and exchange rate fluctuations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-starting-a-business-basic-factors-nbsp-nbsp\">Starting a Business: Basic Factors&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Starting a business (entrepreneurship) begins with identifying a need, mobilising resources, organising production for value\/returns\/profits amid risks. Factors: type, size, location, financing, physical facilities, workforce, tax planning, and launching. Provides self-employment, creates opportunities, and aids economic development.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Similar to human effort, resources are for objectives.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Entrepreneurship:<\/strong> It is the systematic, purposeful, creative; identifying needs, mobilising resources, organising production, delivering value to customers, returning investors, profits, and oneself with risks\/uncertainties.\u00a0\u00a0<\/li>\n\n\n\n<li>Entrepreneur sets up business; output: enterprise.\u00a0\u00a0<\/li>\n\n\n\n<li>It provides self-employment; creates opportunities for employment, profession; crucial for economic development.\u00a0\u00a0<\/li>\n\n\n\n<li>Job-provider, not seeker; financial\/psychological rewards.\u00a0\u00a0<\/li>\n\n\n\n<li>Interaction between person and environment; individual choice on desirability\/feasibility.\u00a0\u00a0<\/li>\n\n\n\n<li>Factors:\u00a0\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>&nbsp;&nbsp;(i) Selection type<\/strong>: nature\/type; profit possibility; customer requirements, technical knowledge, interest.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>&nbsp;&nbsp;(ii) Size<\/strong>: firm scale; MSME or large; manufacturing\/tertiary; demand good, capital arrange \u2192 large.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>&nbsp;&nbsp;(iii) Location:<\/strong> place; mistake high cost, inconvenience; raw materials, labour, power, banking, transport, communication, warehousing.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>&nbsp;&nbsp;(iv) Financing:<\/strong> capital for fixed (land, building, machinery), current (raw materials, debts, stock), day-to-day; requirement, sources, utilisation.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>&nbsp;&nbsp;(v) Physical facilities<\/strong>: machines, equipment, buildings, services; depend on nature, size, funds, production process.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>&nbsp;&nbsp;(vi) Competent workforce:<\/strong> skilled\/unskilled, managerial; identify requirements; train, motivate.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>&nbsp;&nbsp;(vii) Tax planning<\/strong>: tax laws influence; consider liability, impact on decisions.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<strong>&nbsp;(viii) Launching<\/strong>: mobilise resources, legal formalities, start production, sales promotion; form: sole, partnership, company; financial planning: capital requirement, sources, utilisation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-important-definitions-in-ncert-notes-class-11-business-studies-chapter-1-business-trade-and-commerce-nbsp-nbsp\">Important Definitions in NCERT Notes Class 11 Business Studies Chapter 1: Business, Trade and Commerce&nbsp;&nbsp;<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This section lists key terms for clarity and revision:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Business<\/strong>: An economic activity involving the production and sale of goods and services undertaken with the motive of earning profit by satisfying human needs in society.\u00a0<\/li>\n\n\n\n<li><strong>Economic Activity:<\/strong> Activities by which we earn a livelihood (vs non-economic out of love\/sympathy).\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Industry<\/strong>: Economic activities connected with the conversion of resources into useful goods; includes producing\/processing, breeding animals.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Commerce:<\/strong> Activities necessary for facilitating the exchange of goods\/services; includes trade and auxiliaries.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Trade<\/strong>: Sale, transfer or exchange of goods.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Auxiliaries to Trade:<\/strong> Services facilitating industry\/trade; e.g., transport, banking, insurance, warehousing, advertising.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Business Risk:<\/strong> Possibility of inadequate profits or losses due to uncertainties or unexpected events.\u00a0\u00a0<\/li>\n\n\n\n<li><strong>Entrepreneurship: <\/strong>Systematic, purposeful activity of identifying need, mobilising resources, organising production for value, returns, profits amid risks.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Explore Solutions of Class 11: Business Studies<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#f89c9c\"><tbody><tr><td><strong>Chapter 1<\/strong><\/td><td><strong>Chapter 2<\/strong><\/td><td><strong>Chapter 3<\/strong><\/td><td><strong>Chapter 4<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Related Reads<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background has-fixed-layout\"><tbody><tr><td><a href=\"https:\/\/leverageedu.com\/discover\/school-education\/ncert-class-8-history-chapter-1-how-when-and-where-notes\/\"><strong>NCERT Class 8 History Chapter 1 How, When, and Where Notes (Free PDF)<\/strong><\/a><\/td><td><a href=\"https:\/\/leverageedu.com\/discover\/school-education\/ncert-cbse-class-10-economics-chapter-5-notes-consumer-rights\/\"><strong>NCERT CBSE Class 10 Economics Chapter 5 Notes<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/leverageedu.com\/discover\/school-education\/ncert-class-11-english-chapter-4-the-ailing-planet-the-green-movements-role-notes-free-pdf\/\"><strong>NCERT Notes Class 11 English Hornbill Chapter 4: The Ailing Planet: The Green Movement\u2019s Role (Free PDF)<\/strong><\/a><\/td><td><a href=\"https:\/\/leverageedu.com\/discover\/school-education\/ncert-notes-class-11-sociology-chapter-3-understanding-social-institutions\/\"><strong>NCERT Class 11 Sociology Chapter 3: Understanding Social Institutions Notes (Free PDF)<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Business, Trade and Commerce | Chapter 1 | Business Studies | Class 11\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/9Oz8TdKwUG8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><figcaption class=\"wp-element-caption\"><strong><em>Credits:\u00a0 Rajat Arora<\/em><\/strong><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.youtube.com\/watch?v=9Oz8TdKwUG8\"><br><\/a><strong>Explore Notes of Other Subjects of NCERT Class 11<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-background has-fixed-layout\" style=\"background-color:#d4b3f1\"><tbody><tr><td><a href=\"https:\/\/leverageedu.com\/discover\/school-education\/ncert-notes-and-solutions-class-11-geography\/\"><strong>Geography<\/strong><\/a><\/td><td><strong>Business Studies<\/strong><\/td><td><a href=\"https:\/\/leverageedu.com\/discover\/school-education\/ncert-notes-and-solutions-class-11-sociology\/\"><strong>Sociology<\/strong><\/a><\/td><td><a href=\"https:\/\/leverageedu.com\/discover\/school-education\/ncert-notes-and-solutions-class-11-economics\/\"><strong>Economics<\/strong><\/a><\/td><td><a href=\"https:\/\/leverageedu.com\/discover\/school-education\/ncert-notes-and-solutions-class-11-english\/\"><strong>English<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs-nbsp-nbsp\">FAQs&nbsp;&nbsp;<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1762586950086\"><strong class=\"schema-faq-question\">What is business?\u00a0\u00a0<\/strong> <p class=\"schema-faq-answer\">Business is an economic activity involving production and sale of goods\/services with a profit motive to satisfy human needs.\u00a0\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1762587135696\"><strong class=\"schema-faq-question\">Differentiate between business and profession.\u00a0\u00a0<\/strong> <p class=\"schema-faq-answer\">Business: production\/sale for profit, no qualification, risk present; Profession: specialised service, qualification needed, fee, low risk.\u00a0\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1762587152124\"><strong class=\"schema-faq-question\">What are the types of industries?\u00a0\u00a0<\/strong> <p class=\"schema-faq-answer\">Primary (extractive, genetic), Secondary (manufacturing: analytical\/synthetical\/processing\/assembling; construction), Tertiary (support services like transport, banking).\u00a0\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1762587166010\"><strong class=\"schema-faq-question\">Name the hindrances removed by commerce.\u00a0\u00a0<\/strong> <p class=\"schema-faq-answer\">Persons (trade), place (transport), time (warehousing), risk (insurance), finance (banking), information (advertising).\u00a0\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1762587172898\"><strong class=\"schema-faq-question\">What are the causes of business risks?\u00a0\u00a0<\/strong> <p class=\"schema-faq-answer\">Natural (calamities), human (negligence, strikes), economic (demand, price), and other (political, mechanical).\u00a0\u00a0<\/p> <\/div> <\/div>\n\n\n\n<p class=\"wp-block-paragraph\">For NCERT study material, follow <a href=\"https:\/\/leverageedu.com\/discover\/school-education\/ncert-notes-and-solutions-class-11-business-studies\/\"><strong>NCERT Notes and Solutions Class 11 Business Studies<\/strong><\/a> by Leverage Edu now.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"This chapter introduces the concept of business as an economic activity involving production, sale of goods and services&hellip;\n","protected":false},"author":122,"featured_media":868937,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"editor_notices":[],"footnotes":""},"categories":[477,389],"tags":[],"class_list":["post-868933","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ncert-study-material","category-school-education"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.1 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NCERT Notes Class 11 Business Studies Chapter 1: Business, Trade and 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